The Life Span of an Olfactory Receptor Cell Is

question 123

Multiple Choice

The life span of an olfactory receptor cell is:

• A)7 days.
• B)30 days.
• C)90 days.
• D)6 months.

---

Definitions:

Excess Capacity

The situation in which a firm's actual production is less than its maximum possible production capacity.

Economic Profits

The surplus left after a firm has paid all its costs, including both explicit costs like wages and rent and implicit costs like the opportunity costs of capital.

Monopolistic Competitor

Refers to a market structure where many companies sell products that are similar but not identical, allowing them some power to set prices.

Profit

Profit is the financial gain realized when the amount earned from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.